Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Dec- 2022 -16 December
Retail sales dip 0.4% in November
Black Friday and Christmas shopping has failed to lure people back to the high streets as the Office for National Statistics (ONS) estimates that retail sales have fallen by 0.4% in November 2022. The recent statistics follow a 0.6% rise in October when retail bounced back from the impact of…
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16 December
Consumer confidence remains at ‘historic lows’ in December
GfK’s Consumer Confidence Index increased by only two points in December to -42, with confidence still sitting at “historic lows”. This marked the eighth month in a row in which the Index has remained at around -40 or lower, the first time this has happened since the GfK’s records began…
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15 December
Bank of England raises interest rates by 0.5% to 3.5%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years. At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…
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14 December
Inflation falls to 10.7%
UK Inflation fell to 10.7% in November, down from 11.1% in October, but still remains close to a 40-year high as the cost of living continues to rise. According to the latest data from the Office for National Statistics, the decrease was mainly driven by a fall in petrol prices…
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12 December
UK economy returns to growth in October
The UK economy returned to growth in October following the period of national mourning after the death of the Queen, according to the latest figures from the Office for National Statistics (ONS). UK GDP is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in…
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Nov- 2022 -28 November
Retail sales plummet in November, CBI finds
Retailers saw their sales volumes plummet in the year to November, according to the CBI’s latest quarterly distributive trades survey, and a similar rate of decline is expected in December. Retail sales declined -19% in the year to November down from +18% in October. The CBI said a similar fall…
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18 November
UK consumer confidence rises to -44 in November
The consumer confidence index increased three points in November up to -44, but it still remains close to a historic low according to data from Growth from Knowledge (GFK). The overall index score has been steadily rising since September when it was -49. The score was -47 for October. However,…
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18 November
October sales rise 0.6% but remain behind pre-Covid levels
The Office for National Statistics (ONS) reported that retail sales volumes rose by an estimated 0.6% in October, following a 1.5% drop in September, which the government body supposes was due to the additional bank holiday for the queen’s funeral. However, it is also reported that sales volumes dropped 2.4%…
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18 November
Retail reacts: Gov has taken ‘first step to longer term reform’
The retail industry has welcomed chancellor Jeremy Hunt’s Autumn budget announcement, with the BRC saying it shows “the government has heard the concerns of retail”, despite the CBI adding it believes “businesses will think there’s more to be done on growth”. Jeremy Hunt unveiled his Autumn budget on November 17,…
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17 November
Chancellor freezes tax thresholds in Autumn statement
Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…
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